아프리카ㆍ중동

This paper focused on the practical obstacles that will face the process of implementing of International Financial Reporting Standards (IFRS), with particular reference to Libya. Due to certain weakness of its accounting infrastructure, there is no doubt that adoption and implementing of IFRS in Libya is not an easy task as some might think. Therefore, although in implementing of IFRS Libya will gain many benefit including increasing the level of comparability and provide more reliable, accurate, transparence and valid financial accounting information. However, the process of implementing IFRS in Libya will face several obstacles including lack of technical skills and inadequate knowledge of Libyan professional accountants, the difficulty to develop its existing accounting systems, and a regulatory framework to cope with economic and social development, and recent evolution in accounting profession including international financial reporting standards application, inadequate education and training of accountants. This paper reveals that many necessary steps should be taken to overcome such obstacles which include strengthen professional accountancy body (LAAA) to improve the status of profession, revisions of curriculum for educating and training of professional accountants to enable accountants to gain exposure to international developments in the profession including IFRS application.